Best Intellectual Property Management Software
Featured Intellectual Property Management Software At A Glance
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Learn More About Intellectual Property Management Software
What is Intellectual Property Management Software?
Intellectual property management software (IPMS) helps companies and law firms manage their intellectual property (IP) portfolio and the legal entities designed to protect their IP, which includes trademarks, copyrights, and patents. Intellectual property management solutions centralize all IP-related tasks and act as docketing systems for IP filings. The tools have facilitated the shift from spreadsheets to comprehensive systems for patents, copyrights, and trademark management. Companies and law firms utilize IP management tools for IP docketing to file patent applications, construct IP workflows, streamline the process of sheathing an idea in legal protection, and store all documents related to the IP.
For example, a company’s research and development department comes up with an idea they believe to be unique. The company would use IPMS to store documents related to the idea or invention and file for IP protection in the form of a copyright, trademark, or patent. The software will also deal with all tasks related to the management of the application and the storage of information related to the idea or invention once it gains legal protection.
What are the Common Features of Intellectual Property Management Software?
The following are some core features within intellectual property management software that can help users manage their IP portfolio:
Document storage: This software stores IP-related documents, including patent applications and invention-related information.
IP asset management: IPMS acts as a repository for all assets related to the company or law firm’s intellectual property.
Automation: IP management software automates repetitive manual processes and tasks, including pushing reminders and alerts related to application deadlines.
Docketing: IPMS centralizes all intellectual property schedules, including key dates and statutory deadlines. The United States Patent and Trademark Office (USPTO) or equivalent patent-issuing body in a given country may take years to decide on a patent application. Companies with large IP portfolios and multiple applications use the docketing functionality in IP management solutions to hit deadlines and effectively deal with their IP application.
Task management: This software feature assigns and tracks tasks related to patent, trademark, and copyright applications.
Reporting: With this feature, IPMS produces pre-built reports using data housed in the IP management system.
Integrations: This software integrates with other tools to provide end-to-end solutions for managing every step of the IP lifecycle. The most common integration is with patent search solutions, which help navigate databases of existing patents.
Client collaboration: This feature provides client access, usually through a portal, so clients can have a real-time view of in-process applications and their IP status.
What are the Benefits of Intellectual Property Management Software?
The following are some of the benefits of intellectual property management software.
Consolidate IP-related tasks: IP management systems provide users with a single source of truth for all IP asset-related activities and documents. From docketing to document management to centralizing invention specifics, IP management solutions streamline the process of managing complex portfolios of diverse IP assets.
Increase efficiency: IP management solutions help introduce efficiency into the IP portfolio management process. Multiple parties can collaborate within an IPMS, and workflows specific to the needs of a given company or law firm can help organize all IP assets and ensure a single-pane view of a portfolio or a specific application.
Boost client collaboration: For law firms that manage IP applications for multiple clients, IPMS allows them to collaborate with those clients in real time and give them status updates, issuer requests for additional information, and close the gap between client and law firm so that all parties are pushing towards the same goal. In-house legal departments use IPMS to boost collaboration within their respective companies.
Who Uses Intellectual Property Management Software?
Patent attorney: Intellectual property lawyers, specifically patent attorneys, use IP management software to handle their clients’ IP portfolios and effectively manage the application process for IP protections on behalf of their clients.
Inventors: Inventors, people that create new intellectual property, use IP management software to track the status of their IP-protection applications and trademark portfolios.
Corporations: Research and development personnel at companies utilize IP management solutions to handle their IP portfolios. These solutions are used in conjunction with patent research and analytics tools to provide an accurate picture of the current IP landscape.
Challenges with Intellectual Property Management Software
Software solutions can come with their own set of challenges. Here are a few related to intellectual property management software:
Integration: IP management solutions need accurate data to improve the IP management process. A given IPMS may not have a robust set of pre-built integrations that fit with the technology stack at a law firm or a company. A prospective buyer should vet the native integrations within any potential solution to avoid difficulties related to incompatible systems.
Data security: Data security, particularly for inventions and potential trademarks not yet protected by law, is vital for an IPMS. SaaS solutions must be managed carefully, and the attackable surface reduced and protected to protect valuable IP.
How to Buy Intellectual Property Management Software
Requirements Gathering (RFI/RFP) for Intellectual Property Management Software
Each company or law firm’s requirements list will look slightly different, but there is some core functionality that will remain the same. Docketing, workflows, and IP portfolio management should all be included in any IP management software solution. One of the major benefits of IP management software is streamlining IP-related workflows. To realize this particular benefit, prospective buyers should have a keen understanding of where and how a potential solution will fit into their existing tech stack, as well as how robust any integrations with patent databases are. Solutions with native integrations should float to the top of the list, while point solutions with limited interoperability should fall lower on any long list.
Certain IP management tools offer functionality above and beyond the core feature set that a buyer could expect to see in every solution in the category. Certain companies with a narrow target and a significant amount of research and development resources may value customizable analytics and reporting functionality more than others and should add that to the list of considerations. For law firms, client collaboration features, preferably in the form of single-pane, digestible dashboards, should be on the requirements list.
Compare Intellectual Property Management Software Products
Create a long list
Prospective buyers of intellectual property management software should create a long list of potential candidates based on the list of requirements they’ve compiled. The long list should include solutions that meet all core criteria and tools that provide functionality above and beyond the core feature set.
Create a short list
The short list should include solutions that the selection team feels are genuine candidates for purchase. The infosec and data privacy teams should vet the list and consider all integrations at this stage. If a solution doesn’t play well with the existing tech stack, IP management may be more difficult.
Conduct demos
The demo process should involve pre-built questions specific to the organization’s needs. If the team is going to be working with a dozen different clients simultaneously, the selection team should ask the demo to be set up to show how easy it is to manage those dozen portfolios within the tool.
Selection of Intellectual Property Management Software
Choose a selection team
The selection team should be composed of people using the software, namely lawyers, paralegals, and research and development professionals within the organization. IT should be involved in the selection process to weigh in on the interoperability of the software and how to best integrate the tool into the company’s technology stack.
Final decision
The final decision should be collaborative and take into account the size of the IP portfolio along with any intended growth, the types of users that will be using the software, the number of IP assets, the price point, and any interoperability considerations.
